The programme aims to help entrepreneurs that are developing pioneering technologies for the financial services sector
Applications are now being accepted for New York’s seventh annual FinTech Innovation Lab, a 12-week programme which helps leading financial technology (fintech) entrepreneurs accelerate product and business development.
The programme, which also aims to bolster New York City’s position as the nation’s fintech capital, was co-founded by Accenture and the Partnership Fund for New York City. The latter helps early- and growth-stage fintech companies by gaining exposure to top bank and venture capital executives.
The FinTech Innovation Lab is a programme for entrepreneurs that are developing disruptive, pioneering technologies for the financial services sector. Areas of focus include: augmented/virtual reality; big data; analytics including artificial intelligence; machine learning and IoT-generated data; digital client engagement tools; enterprise DevOps; cloud; and blockchain.
Chief technology officers and senior technology executives from the 30 participating financial institutions will select up to eight of the applying fintech companies to participate in the Lab through a competitive process.
Applicants must have at least a working beta version of their technology that is ready to be tested for either the institutional or retail market. The Lab, which begins in April 2017, will partner the selected fintech entrepreneurs with senior-level bank executives and leading technology entrepreneurs, who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings, and presentations.
The Lab culminates in June 2017 with a Demo Day presentation by this year’s cohort to an audience of venture capitalists and financial industry executives.
The Lab continues to introduce cutting-edge fintech companies to top banks and insurers to help push them into open innovation. According to a report issued by Accenture and the Partnership Fund for New York City in June, the value of fintech investments globally nearly doubled last year, to $22.3 billion from $12.6 billion in 2014. In New York, fintech deal values tripled to $2.3 billion; and, in the first quarter of 2016, New York surpassed Silicon Valley in fintech venture financing for the first time.
“With the value of financial technology investments climbing dramatically over the past decade, fintech has clearly become mainstream," said Maria Gotsch, president and CEO of the Partnership Fund for New York City. “Now in its seventh year, the FinTech Innovation Lab has become embedded in the entrepreneurial and financial services ecosystem in New York City, helping drive job growth and building on its rich concentration of tech talent, financial expertise and close proximity to some of the world’s largest financial institutions.
"The connections made through our programme enable tech entrepreneurs to closely engage with these top financial institutions and accelerate growth.”
The success of the FinTech Innovation Lab in New York has led to the founding of three other FinTech Innovation Labs around the world in London, AsiaPacific and Dublin.
Applications are available at www.fintechinnovationlab.com and are due by December 1, 2016. An information session will be held for applicants on November 7.
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